Former Federal Reserve Chairman Alan Greenspan "says the Republican party to which he has belonged all his life deserved to lose power last year for forsaking its small-government principles," the Wall Street Journal reports. "Greenspan delivers the withering critique in his memoir, The Age of Turbulence: Adventures in a New World."
"In the book, scheduled for public release Monday, Greenspan writes that he advised the White House to veto some bills to curb 'out of control' spending while the Republicans controlled Congress. He says President Bush's failure to do so 'was a major mistake.' Republicans in Congress, he writes, 'swapped principle for power. They ended up with neither. They deserved to lose.'"
According to Bloomberg, Greenspan rips Bush "for pursuing an economic agenda driven by politics rather than sound policy, with little concern for future consequences."